Good day, ladies and gentlemen, and thank you for standing by. Welcome to Alarm.com's fourth quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star, then 1 on your telephone keypad. As a reminder, this conference call is being recorded. If you require any further assistance, please press star, then 0. At this time, I would like to turn the conference over to Mr. Matt Zartman. Sir, you may begin. Thank you. Good afternoon, everyone, and welcome to Alarm.com's fourth quarter and full year 2021 earnings conference call. I want to remind you that this call is being recorded. Joining us today from Alarm.com are Steve Trundle, our President and CEO, and Steve Valenzuela, our CFO. Before we begin, a quick reminder to our listeners: Management's discussion during today's call will include forward-looking statements, which include projected financial performance for the first quarter of 2022 and full year 2022, the impact of emerging market dynamics and trends on our business and on anticipated market demand for our offerings, including new product offerings, the impact of the COVID pandemic on our global supply chain, international strategy and the global economy, and our ability to manage supply chain challenges, our business strategies, including our partnerships, plans and objectives for future operations and integration of recent acquisitions, continued enhancements to our platform and offerings, opportunities for growth in our current markets and our plans to expand into new markets, and other forward-looking statements. These forward-looking statements are based on our current expectations and beliefs and on information currently available to us. Statements containing words such as anticipate, began, believe, continue, could, estimate, expect, forecast, may, plan, project, trend, will, and other similar words are intended to identify such forward-looking statements. These statements are subject to risks and uncertainties, including those contained in the Risk Factors sections of our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2021, and in subsequent reports that we file with the Securities and Exchange Commission from time to time, including our annual report on Form 10-K for the year ended December 31, 2021 that we intend to file with the Securities and Exchange Commission shortly after this call, that could cause actual results to differ materially from those contained in the forward-looking statements. Please note that the forward-looking statements made during this conference call speak only as of today's date, and Alarm.com undertakes no obligation to update these statements to reflect subsequent events or circumstances, except to the extent required by law. Also during this call, management's commentary will include non-GAAP financial measures and provide non-GAAP guidance. Management believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in understanding the company's performance and trends, but notes that the presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in the financial statement tables of our earnings press release, which we have posted to our investor relations website at investors.alarm.com. This conference call is being webcast and is also available on our investor relations website. The webcast of this call will be archived and a telephone replay will also be available on our website. With these formalities out of the way, I'd like to turn the call over to Steve Trundle. You may begin. Thank you, Matt. Good afternoon, and welcome to everyone. We are pleased to report fourth quarter and full year results that exceeded our expectations. Our SaaS and license revenue for the year 2021 was $460.4 million, up 17.1% over the last year. Our adjusted EBITDA for the full year was $142.5 million. Our results benefited from continued momentum in both the residential and commercial connected property markets in the U.S. and Canada. We closed the year with more than 10,900 service provider partners who deliver our technology to more than 8.4 million subscribers in 58 countries around the globe. I wanna thank our service provider partners and our employees for their resilience and contribution to our 2021 performance. As we get the new year underway, I will use today's call to discuss our strategy and how we plan to continue to grow. I will also highlight a few examples of the new capabilities that we introduced to our markets in 2021. Our strategy is to be the defining security-oriented IoT platform for four different property types. Residential, multifamily, small business, and commercial or institutional enterprises. For each of these property types, we have a roadmap to deploy fully integrated, best-in-class applications that span security and surveillance, automation, energy management, water management, and health. The key areas that drove much of our growth in 2021, and that I expect to continue to drive growth in 2022 and beyond, are our expansion into commercial markets, our video software initiatives, our expanding international business, and our energy management business. I'll begin with our commercial opportunity. As I reported to you during the year, commercial market activity returned to pre-pandemic levels in the second quarter. Our strategy is to develop software-based capabilities that will deliver unique value to commercial customers through the deep integration of security, video, access control, and energy management solutions. We initially built a solid toehold in the small business segment and have since been growing upstream. Last year, we released an innovative video analytics service called Business Activity Analytics, which we designed for mid-tier commercial customers. This segment consists of properties that require more elaborate video surveillance solutions and a much higher number of cameras than a typical small business. Business Activity Analytics provides occupancy tracking, people counting, queue monitoring, and detection of crowd gathering. It also includes our robust enterprise business intelligence reporting. Subscribers can analyze activity trends and heat maps and monitor foot traffic and customer flows. The initial uptake of this capability has been solid, with nearly 1,700 new accounts per month activating Business Activity Analytics as we exited 2021. We have also been growing OpenEye. OpenEye is an Alarm.com business and a leading provider of video surveillance as a service for large-scale enterprise commercial customers. These enterprises have robust video surveillance requirements and include universities, banks, national retail chains, schools, and property management companies. Since we acquired OpenEye in 2019, the team has developed new platform capabilities, including integrating our AI software, and this has allowed them to expand their market opportunity and begin to shift their business model some to one that also drives SaaS revenue. Next, I'll shift to the residential market. We saw solid demand for smart home security in North America throughout 2021. Consumers are investing in their homes, and security remains the primary purchase driver of smart home technology. Our home builder program has been one of several bright spots in the residential market. We launched the program in mid-2018, and our team has worked hard to engage potential partners and tailor our offerings for builders. These investments put us in an advantaged position as demand for new housing accelerated. Currently, 18 of the top 20 builders now use Alarm.com, some of which have standardized on Alarm.com for all of their new home developments. In the fourth quarter, we also launched the Alarm.com Smart Thermostat HD to round out our thermostat lineup with a premium offering. It has a high-resolution, full-color touchscreen display, and our cloud-based energy management software provides intelligent next-level comfort and control. An important element of our residential strategy is our initiative to apply our AI software to monitoring stations and alarm response events. Last year, we introduced a first-to-market capability called Ambient Insights for Alarm Response. It evaluates alarm signals and then provides a real-time determination to the monitoring station as to the likelihood that the property owner will cancel the alarm. Operators can then more effectively prioritize multiple alarm events. As a result, they can dispatch emergency services faster to the highest priority alarms and can also help reduce false alarm dispatches. Coupled with our visual verification service, monitoring stations can provide a broad range of critical information to public safety dispatchers and first responders. Another tenet of our strategy is to deliver the most capable video monitoring offering at a broadly accessible price point. Investments in our video platform have led to innovative new capabilities that drive growth for our service providers, significantly increase customer engagement, and improve installation efficiency and performance. I'll give a few recent examples. In 2021, we began broadly deploying video analytics capabilities designed to proactively deter break-ins and other security incidents. The Alarm.com 770 Video Doorbell fully launched last year with a market-leading video analytics package that can identify people and monitor them based on a range of customizable settings. We also launched Perimeter Guard. This video analytics capability identifies people anywhere around the perimeter of a property. Coupled with our new 724 outdoor camera, Perimeter Guard can respond with both audible alerts and flashing lights. This increases the deterrence value of our systems by putting a potential intruder on notice that they are being actively watched. Our international business is another area of growth and a key element of our strategy. In 2021, we continued to expand our global presence and product offering and grew our solid base of international service providers. During the fourth quarter, and despite a difficult international COVID environment, SaaS revenue from our international business increased by over 25% from a year ago. We believe that we are in a good position to continue to meaningfully grow our international business in 2022. The final key element of our strategy is the expansion of our addressable market through our segment businesses. These include PointCentral, EnergyHub, and Building36. Each business is focused on an attractive market opportunity and are in different stages of development. As reported in our other segment, SaaS revenue for these businesses grew 26.9% in 2021. PointCentral supports vacation rental property management companies and apartment properties. Its solution fully integrates devices, sensors, and systems to give property managers an enterprise service for access control, energy management, and property security. Building36 partners with HVAC servicing companies to provide energy, water, and air quality solutions. The Building36 team also leads our product development efforts in these domains, including the development of our new Smart Thermostat HD. In 2021, they made solid progress expanding their product and partner base. EnergyHub provides enterprise software services that enable energy utilities to flexibly manage demand on the electricity grid through customer-owned and enrolled distributed energy resources. These resources include smart thermostats, batteries, commercial and industrial resources, solar inverters, and electric vehicle chargers. EnergyHub has expanded its customer base and now works with 60 of North America's leading energy utilities. Its platform manages over 700,000 grid edge devices, the largest fleet of any distributed energy resource management solution provider in North America. To conclude, our key growth initiatives are delivering increasingly meaningful contributions to our business. Going forward, our focus is on blocking and tackling as we continue to execute the strategy we have laid in place so that we can further grow these areas in 2022 and beyond. With that, let me turn things over to Steve Valenzuela. Steve? Thanks, Steve. I'll begin with a review of our fourth quarter and full year 2021 financial results, and then provide guidance for 2022 before opening the call for questions. SaaS and license revenue in the fourth quarter grew 15.4% from the same quarter last year to $121.7 million. This includes Connect software license revenue of approximately $7.4 million for the fourth quarter, down as expected from $9 million in the year-ago quarter. SaaS and license revenue for our Alarm.com segment grew 14.2% in the fourth quarter, and our other segment grew 30.9% year-over-year. For the full year of 2021, SaaS and license revenue of $460.4 million grew 17.1% over 2020. Our Alarm.com segment grew SaaS revenue by 16.4% year-over-year, and our other segment grew 26.9% in 2021. Our SaaS and license revenue visibility remains high. Our revenue renewal rate of 94% in the fourth quarter is at the high end of our historical range of 92%-94%. Hardware and other revenue in the fourth quarter was $73.5 million, up 22.4% over Q4 2020. The increase in hardware revenue was primarily due to an increase in sales of our video cameras. Total revenue of $195.3 million for the fourth quarter grew 17.9% from Q4 2020. For the full year of 2021, total revenue grew 21.2% to $749 million. SaaS and license gross margin for the fourth quarter was 86.1%, an increase of approximately 80 basis points quarter over quarter, mainly due to mix. Hardware gross margin was 11.1% for the fourth quarter compared to 15.2% for Q3 2021. The lower hardware margin is mainly due to increased shipping costs and supplier price increases. We are increasingly having to address global supply chain challenges by tactically using air freight transportation for certain products. Because our costs are significantly higher, we have also announced price increases on some of our products, which will be phased in starting this quarter. We anticipate gross margins gradually improving from Q4 levels this year, barring additional supplier price increases or the need to airfreight products beyond our current plans. Total gross margin was 57.8% for the fourth quarter, compared to 58.2% for Q3 2021, mainly due to the lower hardware margins and a higher mix of hardware revenue. Turning to operating expenses, R&D expenses in the fourth quarter were $47.6 million, compared to $38.9 million in the fourth quarter of 2020. We ended 2021 with 837 employees in R&D, up from 780 employees at the end of 2020. Total headcount increased to 1,500 employees, compared to 1,404 employees the prior year. Sales and marketing expenses in the fourth quarter were $24.6 million or 12.6% of total revenue, compared to $23.6 million or 14.2% of revenue in the same quarter last year. Our G&A expenses in the fourth quarter were $22.6 million, compared to $23 million in the year-ago quarter, mainly due to lower legal and acquisition-related expenses. G&A expense in the fourth quarter includes non-ordinary court litigation expense of $1.8 million, compared to $2.5 million for Q4 2020. Non-ordinary court litigation expenses are part of our adjusted measures and are excluded from our measurement of our non-GAAP financial performance. Non-GAAP adjusted EBITDA in the fourth quarter was $31.3 million, compared to $32.4 million in Q4 2020. For all of 2021, adjusted EBITDA was $142.5 million, up 13.7% from adjusted EBITDA of $125.3 million for 2020. In the fourth quarter, GAAP net income was $9.1 million, compared to GAAP net income of $16 million for Q4 2020. Non-GAAP adjusted net income was $22.6 million or $0.43 per diluted share in the fourth quarter, compared to $23.1 million or $0.45 per share for the fourth quarter of 2020. Non-GAAP adjusted net income for 2021 was $103.5 million or $1.99 per diluted share, up 15.8% from non-GAAP net income of $89.4 million or $1.75 per share for 2020. Turning to our balance sheet, we ended the fourth quarter with $710.6 million of cash and cash equivalents, up from $253.5 million on December 31, 2020. The increase in cash was mainly due to the net proceeds of $484.3 million from our convertible bond offering in January 2021 and our positive free cash flow for 2021, partially offset by the payoff of our senior revolving debt facility of $110 million. In the fourth quarter, we generated approximately $20 million in cash flow from operations compared to $35.4 million for the fourth quarter of 2020. Our free cash flow for the fourth quarter was $17.8 million compared to $29.9 million for the same quarter last year. In the fourth quarter, our capital equipment purchases were about $2.1 million compared to $5.5 million in the fourth quarter of 2020, mainly due to less facility build-out costs. Through the 12 months ended December 31, 2021, we generated $103.2 million of cash flow from operations compared to $102.1 million for 2020. Our free cash flow for 2021 was $92.1 million compared to $85.9 million for 2020. Turning to our financial outlook. For the first quarter of 2022, we expect SaaS and license revenue of $121 million-$121.2 million. For the full year of 2022, we expect SaaS and license revenue to be between $508 million and $509 million. We are projecting total revenue for 2022 of $808 million-$819 million, which includes estimated hardware and other revenue of $300 million-$310 million. I want to note that the global supply chain continues to be very challenging. While we have factored in some additional air freight, we have anticipated some improvement in 2022. We have decent visibility through the first couple quarters of the year, but if the supply chain becomes more constrained and we are not able to get access to key components or need to continue to ship products via air freight further into the year than anticipated, then this will impact our results and our guidance. We estimate that adjusted EBITDA for 2022 will be between $149 million-$150 million. We expect adjusted EBITDA in the first quarter to represent approximately 17%-18% of our annual guide, with the remaining EBITDA spread about evenly over the following three quarters of 2022. We have factored in more travel and trade show expenses in our plans for 2022 as we are seeing a return to in-person activities and events, such as the ISC West trade show, which is scheduled to be held in Las Vegas on March 23rd to the 25th. Non-GAAP net income for 2022 is projected to be $104.3 million-$105 million or $0.86-$0.88 per diluted share. EPS is based on an estimate of 56 million weighted average diluted shares outstanding, which now includes approximately 3.4 million shares on an if-converted basis. We are required to include these shares in our outstanding share count related to our convertible bonds with our adoption of ASU 2020-06, Accounting for Debt with Conversion and Other Options. This non-cash impact reduces our non-GAAP EPS by approximately $0.12-$0.13 for 2022, which is reflected in our guidance. We currently project our non-GAAP tax rate for 2022 to remain at 21% under current tax rules. We expect full year 2022 stock-based compensation expense of $50 million-$52 million. In summary, we are pleased how well our service providers and internal teams have navigated this challenging time. We are focused on executing on our business and investing in our long-term strategy while continuing to deliver profitable growth. With that, operator, please open the call for Q&A. Ladies and gentlemen, if you have a question or comment at this time, please press star then one on your telephone keypad. If your question has been answered or you wish to remove yourself from the queue, simply press the pound key. Again, if you have a question or comment at this time, please press star then one on your telephone keypad. Our first question or comment comes from the line of Adam Tindle from Raymond James. Your line is open. Okay, thanks. Good afternoon, and congrats on a strong finish. Obviously, the very strong hardware growth is continuing, and I would imagine that creates an opportunity to upsell services over time as you feed the market with many units. Maybe a two-parter, one for Steve T. You talked about an upsell engine a couple of quarters ago. Maybe you could talk about the progress and what you're experiencing there. And then Steve V, from a financial standpoint, I'm noticing that the net dollar retention metrics are very healthy and up again. And I would imagine that this maybe ties into this theme. Where do you think that metric could go over time? Hey, Adam. Yeah, upsell continues to be a driver of some of the hardware growth. It is primarily centered on video, which is great because that also allows us to push some SaaS growth from the existing base as well. We think that, you know, we'll probably continue. I believe that we saw growth in sales of video cameras last year to existing customers of around 36%. Pretty happy with that number. I wouldn't say we're doing everything yet possible to do all that we can do there because we've also had a pretty meaningful focus on the 3G upgrades, which has eaten a lot of the cycles that our, you know, service providers have in terms of going back to the existing customers. I think that will continue to be something that we can push and hopefully even expand beyond video and get into the thermostats, Smart Water Valve, the Flex IO and some of the other devices. It is increasingly a meaningful chunk of our business. Hi, Adam. For your second part, it's Steve Valenzuela. The 94% dollar retention rate certainly has been very strong. I would say in the short term, the near term, with the 3G upgrades, we might see a slight decline there. I would think longer term and hard to find longer term, given all the upgrades and the video and video analytics and how compelling the solution is with those features. I would think over the long term, we should see that retention rate inch up over the next couple of years. It would be nice to see it over 100%. I'm not saying that we would hit that point, but I think once you get a system like this with video and video analytics, it's very hard to go without it. It's a very compelling solution. Understood. Maybe just as a quick follow-up, I mean, balance sheet remains very healthy. In light of Securitas and Stanley combination recently here, I thought I might ask about M&A priorities again, you know, given some of those things that are going on, and maybe you could double-click on that deal specifically if it has implications for you. Would you consider something of that size and maybe just kinda revisit your priorities for M&A given balance sheet? Thank you. Sure, so on that deal specifically, I mean, we are, you know, we have a good partnership with Securitas, and, that, you know, there's not a lot of commenting on that deal because it's still subject to some regulatory review, and I believe that it closes a little bit later this year. We're not probably able to comment too much on what's going on there. With regard to, you know, our own view, yes, we're sitting on a pretty, active corporate development, pipeline of opportunities we're looking at. We don't really. We're looking for the right opportunities as opposed to the right size. If something were sizable but really represented the right opportunity for the company, then that's something we would consider doing. I don't think that we'll be actively, you know, buying service providers because we, you know, our customers are service providers and we like it that way. I think we're looking more on the, you know, looking at opportunities that further our technology stack or further the addressable market that we're able to attach to. Some of them will be smaller opportunities, some large, but you know certainly an area of focus for us. I would say probably it's getting better now than it was last year. Slowly but surely, we're seeing some more reasonable discussions of value and probably you know a higher likelihood that a strategic can be effective in the current market than maybe what we saw six months ago when things were potentially a little bit more frothy. Very helpful. Thanks, and congrats again. Thanks, Adam. Thank you. Our next question or comment comes from the line of Sterling Auty from JP Morgan. Your line is open. Hi, guys. This is Rachit for Sterling. Can you give colors on the demand environment around Thermostat HD and how should we think about revenue contribution from the solution? Sure. Smart Thermostat HD is a new product. It rounds out our lineup of thermostats. The weakness in our lineup historically has been that, you know, we've had a great thermostat, good value proposition there at a great price point. It's been very useful in our service provider channel. If you're doing a new home build, oftentimes you wanna really, you know, we haven't had a thermostat that had a super elegant touchscreen on it, very vibrant display, that sort of thing. Our strategy has been to sort of blend into the wall and then do all of the thinking in the cloud and on the app itself and let the user drive everything from that location. Especially in our builder market, there's demand for a higher-end thermostat, and that's what Thermostat HD is servicing. Also, in the HVAC trade, there's demand for a higher-end thermostat. Incremental contribution, I don't think it's gonna be a dial mover in terms of incremental contribution of hardware revenue. I think it's just an incremental improvement in the range of offering we bring to the market. Then, you know, thermostat's important to us because it allows us to better serve our customers in the multifamily space and in the builder space and in the HVAC trade, and then has some downstream value to our EnergyHub business as well. It's an important product, but I wouldn't say it's gonna drive a massive incremental hardware contribution. I could be surprised, but it will drive incremental improvement. Thank you. Our next question or comment comes from the line of Brian Ruttenbur from Imperial Capital. Your line is open. Yes. Thank you very much. Great quarter and year. A couple questions on gross profit, first of all. I think that you came in around 12% gross profit on the hardware. That's down by about half year-over-year, and you've sequentially been going down. I guess I'm stating the obvious here. Are we at a bottom here? You know, can we look for anything worse than this? It looks like, you know, we've hit a bottom here, or at least it's slowed. Can you talk about what kind of surprises would we have, I guess, of it getting any worse on the hardware side? Yeah, good question, Brian. You're correct. Margins on hardware have slid. We haven't worried about it a ton, meaning our business is a SaaS business, and our primary goal has been to get the service providers the product they need to get the installations done and ideally at a good value so that we don't create too much acquisition cost for them when they're attempting to create new subscribers. So that's always our primary goal. And then, you know, to run a sustainable business, you need to drive some margin on the hardware. I think that I think Steve commented that we, you know, we did finally go ahead and put through a price increase in the first quarter. We think that will gradually lift margins. Are we absolutely at the bottom? You know, I think we're probably at the bottom at the moment, unless we were to make a strategic decision in some way, shape, or form about just the overall hardware margin profile. In terms of running the business the way we've traditionally run it, I think we're probably at the bottom. That said, the supply chain is still a fairly volatile place, and things change week to week. We will continue to emphasize getting our service providers the product they need, and if something comes up that we need to work through, even at the expense of hardware margins, we'll do it. If I were to guess, I would say we're probably at about the bottom right now. Great. Just as a follow-up on that, you mentioned a price increase. Can you ballpark us? I'm sure there's multiple products. Give us an average on how much you increased prices, and has that already gone through the, you know, the system? Was there any pushback? The last part of that very long question was, you know, how long before we get back to, you know, the twenties on hardware? Is that two years out, three years out? Yeah. Good. First part of the question, on average, as you noted, it varied dramatically by SKU, but on average, probably 8% or 9% was the effective price increase. That is mostly through the system at this point. Did we get, you know, do people call us up and thank us for raising their prices? No, they don't. Are they in an understanding kind of mode at the moment? I would say they are, because most of our peers and competitors in the industry pushed through multiple price increases last year. Our focus has been sort of to provide, you know, the best value we can and where possibly the last to increase prices. I think most of our service providers were conditioned to expect something, and now they're working through the process of increasing, you know, the prices that they take to the market as part of this inflationary cycle. We felt like we handled it well. It's pretty much done at this point. Will we get back to 20% hardware margins? That's gonna be a function primarily of mix. There are some places where our real focus on the hardware is enabling SaaS. If we see, you know, a situation where lower hardware margin can be a driver of a much higher service revenue, then that will be our approach. That's the approach in some parts of the market today, I would say, particularly on the residential side. In other places, the SaaS contribution from hardware is not quite as high. When we look at the commercial side, on a dollar-for-dollar basis, you know, it's more typical that to run some higher margin on the commercial side. You know, for every $1,000 of hardware sold, you're not generating quite as much SaaS as you do on the residential side, even though you're getting higher ARPU per site. There we'll see higher margins, and I would say that will gradually pull the overall blended up some through time, as well. That's probably about where I'd leave it. Do I know that we're gonna get to 20%? I don't. It is still our kind of preferred practice. There's a level where, you know, just to cover your costs, the capital allocation cost, the inventory management cost, that sort of thing, if you're running much below that, then you really have to have a good reason for it. Thank you. Thank you. Our next question or comment comes from the line of Darren Aftahi from Roth Capital. Your line is open. Hey, thanks for taking my questions. This is Dylan for Darren. First one, could you sort of talk about, with some of the mask mandates dropping across the country, if you've seen any pickup for RFPs or activity in the commercial channel, and comment on a little bit how that pipeline might look now versus three or four months ago? Yeah, I'm not sure it's been coupled to mandates dropping. We saw recovery in the commercial channel really start to happen in third quarter of last year, if I remember correctly. That's when we started to see the pipelines fill back up. We saw. The line disconnected. We're waiting for them to call back in. Hi, we're We're back. We had a line drop. Go ahead, Steve. We're back. You know, I think the last question that I answered, this is Steve Trundle speaking, was regarding the commercial pipeline. The summary on that was simply that the pipeline began to strengthen in the third quarter of last year. You know, whether it's going to continue that as a result of mask mandates being dropped, I don't know, but I believe that as small businesses are more robust with more customers out and about, that we would continue to see that part of the business be strong. I indicated that. OpenEye, which is very focused on enterprise-level sales, grew their business 51% last year. That was just a summary of the last question I had before we realized the line had dropped out. Take any other questions we have. Perfect. Dylan, did you have any other questions? I think you were the last person to ask the question. Yeah, I have one more, if you can hear me. Sure. Yeah. I think you mentioned about 25% international growth. Care to call out any countries that you're seeing some over-indexing? Yeah, we can call out, you know, the one that has pleasantly surprised me has been Argentina, principally because they're a very strong service provider in that market and doing well. I'd say LATAM, in general, has been stronger over the last year. International as a whole, I mean, I'm happy with 25% because it was a tough kind of COVID environment last year for our international service providers. I think on several calls we talked about the international market being tougher than the North American market as a result of COVID. Even with that, our international team still grew that business, you know, 25% clip, and I think we're really kind of anxious as we move into this year to get very, very focused there and hopefully see more growth coming out of Europe and Southeast Asia as well. Great. Thank you. Thanks. Thank you. Our next question or comment comes from the line of Jack Vander Aarde from Maxim Group. Your line is open. Great. Nice quarter, guys. Thanks for taking my questions. Thanks. Steve Trundle, I think you said in your prepared remarks, I mean, you laid out your 2022 kind of key growth focus areas, and then I think I heard an updated total subscriber count. Was that 8.4 million? That's right. 8.84 million subscribers. Yes, sir. Gotcha. Okay, cool. Well, that's great growth in the subscriber count. Just maybe for some context, Steve Valenzuela, I'm sure you can help too. Whatever you're able to provide, I know you don't explicitly do this normally, but just to get context, a rough breakout of maybe residential versus commercial versus international residential within that subscriber group. Sure. I can give you just some ballpark numbers. Steve Trundle speaking. You know, international, we're right up against about 500,000 subscribers now, so very happy with how the team has built that business, getting to the point that, you know, there are real numbers there. If we can begin to grow that business at sort of the current level of scale, yeah, it'd be great. Commercial, same type of range. I'm gonna say 400,000-500,000 total subscribers, maybe closer to 400,000 right now, adding around 25,000 sites per quarter on commercial subscriptions. So pretty happy with that as well. Still have a lot of TAM to explore there, but. Then the rest, I would say you break those two categories out. You break out commercial, break out international. Now, there is a little bit of overlap between international and commercial. Some of our international customers are commercial, but you break those out, and then everything left is gonna be primarily residential, either a single-family home or a multifamily or vacation home. Great. That's really helpful color. Just maybe over the next couple, you know, maybe this year or maybe the next year or 2 or 3 years out, it's great to see the international subscriber count, you know, hit that kinda 500,000. How do you see that trending? Is there a way to, you know, quantify it in any way? Maybe like when do you expect to hit 1 million or more? As soon as possible. I would say it, you know that'd be a big help. The international's growing at the moment and probably will continue to grow faster than the company's overall growth rate. We believe that will continue to be the case. If we look forward, you know, some period of time, our belief has always been that our rest of world market would be, you know, about the same in terms of, size and contribution as the domestic, and we include Canada, our friends in Canada in the domestic market. That's what we're shooting for. I can't right now give you a timeline where we get to a million. I don't have that in front of me. I'm not sure, but I'd just say that we, you know, our goal is certainly for international to be of the same size as our North American business. Okay, great. I appreciate the color. That's it for me. Thanks. Thank you. Thank you. I'm showing no additional questions in the queue at this time. Ladies and gentlemen, this concludes today's program. Thank you for participating. You may now disconnect. Everyone, have a wonderful day.